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PHASE ONE OF £7.4M ENTERPRISE ZONE NOW COMPLETE

Phase one of the Mira Technology Park - a 1.75m sqft enterprise zone in Nuneaton, Warwickshire - has been completed after finishing key infrastructure projects at the site.

Work began on the site in 2010 and since then a total of £53.1m has been invested, as well as the creation and safeguarding of 440 jobs.

A total of 118,000 sqft of R&D space has been created at the park and has attracted some of the world's largest firms to make use of the facilities, including Aston Martin; Bosch; Sanoh, and Lockheed MartiN

The infrastructure - which represents £7.4m of investment and includes new roads; roundabouts; 10km of service ducts; 5km of footpaths and cycle ways, and a total of 27,000 new trees and shrubs - enables a further 500,000 sqft of construction and paves the way for phase two of the development - which includes the East, South and Centre Sectors of the Technology Park site.

CEO at HORIBA MIRA, George Gillespie OBE commented: "Over the last five years we have been focused on our vision of creating a technology cluster serving the global automotive industry and wider transport sectors.

"The completion of this crucial milestone signifies we are well on our way to achieving this goal. When complete, the site will be the largest Automotive Technology Park in Europe, and represent a total of £300m of investment. We're very much looking forward to the next stage of development, which is now well underway."

Minister for Local Government, Marcus Jones MP said: "MIRA Technology Park is one of our highest-performing Enterprise Zones, so I am delighted to see further investment in a world-class resource that is at the heart of our motor industry.

"As part of our long term economic plan, the Midlands economy has the potential to grow by £34bn by 2030, and by the end of this parliament, there could be as many as 300,000 extra jobs, and the development outlined today will play a key role in helping to deliver this.

"Today's new development demonstrates how, by focussing on innovation, finance and skills and developing world-class infrastructure we can create an environment in which the Midlands will cement its place as an economic engine for the whole nation."

Phase two of the HORIBA MIRA Technology Park development, which includes an additional 500,000 sqft is now underway, with a further three buildings totalling 90,000 sqft expected to commence construction this year.